ASX ANNOUNCEMENT Bega Cheese Limited ... - Open Briefing

Corporate Governance Statement (cont.)
Year Ended 30 June 2011
Diversity Policy (Recommendations 3.2, 3.3 and 3.4)
The Company’s diversity policy provides a framework for Bega Cheese to achieve, amongst other things, a diverse
and skilled workforce, a workplace culture characterised by inclusive practices and behaviours, and improved
employment and career development opportunities for women.
Bega Cheese’s diversity strategies include:
a. recruiting from a diverse pool of candidates, including senior management and the Board;
b. reviewing succession plans to ensure an appropriate focus on diversity;
c. identifying specific factors to take account of in recruitment and selection processes to encourage diversity; and
d. establishing programs to develop a broader pool of skilled and experienced senior management and board
candidates.
In respect of financial years commencing after 1 July 2011, the Company will be required to disclose in its annual
report:
a. the measurable objectives for achieving gender diversity set by the Board, and progress towards achieving them;
and
b. the proportion of women employees in the whole organisation, women in senior executive positions and women
on the Board.
Principle 4: Safeguard Integrity in Financial Reporting
Audit and Risk Committee (Recommendations 4.1, 4.2, 4.3 and 4.4)
In accordance with Recommendation 4.2, the ARC is comprised of Richard Parbery as chair of the committee, one
Independent Director being Peter Margin and one non-executive Director being Tom D’Arcy. The Company
Secretary, Brett Kelly, was a member until 21 July 2011.
The responsibilities of the ARC include:
a. overseeing the process of financial reporting, internal control, financial and non-financial risk management and
compliance and external audit;
b. monitoring Bega Cheese’s compliance with laws and regulations and its own policies;
c. ensuring that the relationship between Bega Cheese and its external auditor remains independent; and
d. evaluating the adequacy of processes and controls established to identify and manage areas of potential risk.
The ARC must regularly update the Board on the activities of the committee and bring any significant issues
identified to the Board’s attention on a timely basis.
Meetings of the ARC are generally held bi-monthly before meetings of the Board. A rolling timetable will be agreed to
plan meetings with external auditors at least twice a year and meetings to review the interim and annual accounts
and annual budget. Special meetings will be called as necessary.
Members and the secretary of the ARC are entitled to attend at all meetings. The ARC may invite other persons to
attend as required. The quorum of any meeting of the ARC is two members.
Principle 5: Make Timely and Balanced Disclosure
Continuous Disclosure Policy (Recommendations 5.1 and 5.2)
Bega Cheese is committed to observing its disclosure obligations under the Listing Rules and the Corporations Act.
Bega Cheese has adopted a continuous disclosure policy that establishes procedures aimed at ensuring that
Directors and management are aware of and fulfil their obligations in relation to the timely disclosure of material
price-sensitive information.
Bega Cheese Limited 2011 Annual Report 24